Can Producers Place Valid and Reliable Valuations on Wool Price-Risk Information?
AbstractUsing the contingent valuation method farmers in the high rainfall region of Western Australia were asked to value the information that they used to reduce risk associated with wool prices. To ascertain whether these values were both valid and reliable they were combined with additional data collected from the questionnaires and incorporated into profit functions so that farmers' attitudes towards risk could be estimated. These risk attitudes may be deemed reliable and valid providing they correspond to those estimated by other researchers. Results showed that the farmers' risk aversion coefficients were comparable to those estimated in the Australian literature. Therefore it may be argued that these farmers were able to nominate valid and reliable valuations for the information that they used.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.
Volume (Year): 63 (1995)
Issue (Month): 02 (August)
Contact details of provider:
Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
Web page: http://www.aares.info/
More information through EDIRC
Demand and Price Analysis;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Freebairn, John W., 1978. "An Evaluation of Outlook Information for Australian Agricultural Commodities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), December.
- Babcock, Bruce A., 1990. "Value of Weather Information in Market Equilibrium (The)," Staff General Research Papers 10592, Iowa State University, Department of Economics.
- W. L. Adamowicz, 1991. "Valuation of Environmental Amenities1," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 39(4), pages 609-618, December.
- Bardsley, Peter & Harris, Michael, 1987.
"An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture,"
Australian Journal of Agricultural Economics,
Australian Agricultural and Resource Economics Society, vol. 31(02), August.
- Peter Bardsley & M. Harris, 1987. "An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 31(2), pages 112-126, 08.
- Mary Jo Kealy & John F. Dovidio & Mark L. Rockel, 1988. "Accuracy in Valuation Is a Matter of Degree," Land Economics, University of Wisconsin Press, vol. 64(2), pages 158-171.
- Stephen D. Reiling & Kevin J. Boyle & Marcia L. Phillips & Mark W. Anderson, 1990. "Temporal Reliability of Contingent Values," Land Economics, University of Wisconsin Press, vol. 66(2), pages 128-134.
- Fraser, Rob W., 1992. "An Analysis Of Willingness-To-Pay For Crop Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(01), April.
- Newbery, David M, 1989. "The Theory of Food Price Stabilisation," Economic Journal, Royal Economic Society, vol. 99(398), pages 1065-82, December.
- Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
- Jackson, Elizabeth & Quaddus, Mohammed & Islam, Nazrul & Stanton, John & Hoque, Zohurul, 2007. "A Multi-Disciplinary Approach For Determining Adoption Of Agricultural Price Risk Management Strategies," 81st Annual Conference, April 2-4, 2007, Reading University 7985, Agricultural Economics Society.
- Pannell, David J., 1999. "Uncertainty and Adoption of Sustainable Farming Systems," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 124511, Australian Agricultural and Resource Economics Society.
- Jackson, Elizabeth & Quaddus, Mohammed & Islam, Nazrul & Stanton, John, 2008. "A mixed-method approach for determining the risk and complexity farmers associate with using forward contracts," 82nd Annual Conference, March 31 - April 2, 2008, Royal Agricultural College, Cirencester, UK 42305, Agricultural Economics Society.
- Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
- Jackson, Elizabeth & Quaddus, Mohammed & Islam, Nazrul & Hoque, Zohurul & Stanton, John, 2006. "Selling raw wool by forward contract: A qualitative analysis of the pros and cons," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139793, Australian Agricultural and Resource Economics Society.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.